Understanding Notary Bonds and Notary E&O Insurance Policies
In the realm of certified documentation and legal acknowledgments, the role of a notary public is pivotal. A notary serves as a trusted figure to authenticate and officiate various documents. However, the responsibility comes with a risk of error that can have significant financial consequences for the notary and those involved in the notarized transaction. This is where a notary bond and a notary errors and omissions (E&O) insurance policy become crucial. Notary Bond : Protecting the Public Notary bonds protect the public from any misconduct or negligence on the part of the notary. If a notary's mistake leads to a financial loss, the bond covers the damages up to the policy limit. However, notaries should understand that if a claim is made on their bond, they must repay the surety company for any losses incurred. Notary Errors and Omissions Insurance: Safeguarding the Notary Contrastingly, notary E&O insurance serves as a safeguard for the notary. It provides coverage...